Money conversations in Canada haven’t exploded — but the math has changed. And the numbers tell the story.
Mortgage Payments That Jumped Fast
In 2020–2021, many Canadians locked in mortgage rates under 2%. By 2023–2024, renewal rates were commonly between 5% and 7%. For some households, that’s hundreds — sometimes over $1,000 — more per month.
Grocery Bills That Climbed Faster Than Wages
Food prices rose significantly in recent years, with grocery inflation peaking above 10% in 2022. Even as inflation cools, prices haven’t gone back down — they’ve just stabilized at a higher level.
Cell Phone Plans That Still Rank Among the Most Expensive
Canada consistently ranks near the top globally for mobile plan costs. Unlimited data plans here can cost nearly double what comparable plans cost in parts of Europe.
Domestic Flights That Rival International Travel
It’s not unusual for cross-country Canadian flights to cost as much — or more — than flying to the U.S. or overseas. That reality has quietly changed how families plan visits.
Insurance Premiums That Keep Creeping Up
Auto insurance premiums have risen in several provinces, with some drivers seeing increases of 10–20% over recent renewal cycles.
Rent That Outpaced Income Growth
National average rents have climbed sharply in major cities. In some markets, average one-bedroom rents increased by double digits year-over-year during peak surges.
Interest Rates That Changed Borrowing Costs
The Bank of Canada’s rapid rate increases between 2022 and 2023 affected everything from lines of credit to car loans — making borrowed money significantly more expensive.
Savings Rates That Tightened
Statistics Canada data has shown household savings rates fluctuating significantly since the pandemic highs. The cushion many built in 2020–2021 has gradually thinned.
Side Income Becoming More Common
Gig work participation and self-employment interest rose during and after the pandemic. For many, it’s not about ambition — it’s about margin.
This isn’t a collapse story. It’s an adjustment story.
Canadians are still spending, traveling, renovating, living. But the margin for error is thinner than it used to be.
And most people feel it — even if they’re not talking about it loudly.